Norway Savings Bank Reduces Position in American Tower Co. (NYSE:AMT)

Norway Savings Bank trimmed its position in American Tower Co. (NYSE:AMT) by 4.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,527 shares of the real estate investment trust’s stock after selling 254 shares during the quarter. Norway Savings Bank’s holdings in American Tower were worth $1,092,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Northwest Investment Counselors LLC bought a new position in shares of American Tower during the first quarter valued at about $25,000. Gold Investment Management Ltd. bought a new position in American Tower during the 4th quarter valued at approximately $28,000. Thompson Investment Management Inc. purchased a new stake in American Tower in the 4th quarter worth approximately $29,000. SOA Wealth Advisors LLC. bought a new stake in shares of American Tower in the 1st quarter worth approximately $30,000. Finally, Private Wealth Management Group LLC purchased a new position in shares of American Tower during the fourth quarter valued at approximately $31,000. 92.69% of the stock is currently owned by institutional investors.

American Tower Stock Performance

Shares of AMT stock opened at $194.38 on Friday. The company has a market capitalization of $90.77 billion, a price-to-earnings ratio of 43.98, a price-to-earnings-growth ratio of 1.39 and a beta of 0.79. The company has a debt-to-equity ratio of 3.39, a quick ratio of 0.85 and a current ratio of 0.85. American Tower Co. has a one year low of $154.58 and a one year high of $219.10. The company’s 50-day moving average is $188.22 and its 200 day moving average is $195.14.

American Tower (NYSE:AMT) last announced its quarterly earnings results on Tuesday, April 30th. The real estate investment trust reported $1.96 earnings per share for the quarter, missing the consensus estimate of $2.43 by ($0.47). The firm had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.79 billion. American Tower had a net margin of 18.42% and a return on equity of 18.45%. American Tower’s revenue was up 2.4% on a year-over-year basis. During the same period last year, the business earned $2.54 EPS. Sell-side analysts expect that American Tower Co. will post 10.03 EPS for the current fiscal year.

American Tower Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 14th will be given a dividend of $1.62 per share. The ex-dividend date is Friday, June 14th. This represents a $6.48 annualized dividend and a dividend yield of 3.33%. American Tower’s dividend payout ratio (DPR) is presently 146.61%.

Analyst Ratings Changes

A number of brokerages recently commented on AMT. StockNews.com lowered American Tower from a “buy” rating to a “hold” rating in a research note on Friday, March 1st. Raymond James upgraded shares of American Tower from an “outperform” rating to a “strong-buy” rating and boosted their price target for the company from $226.00 to $248.00 in a research report on Wednesday, May 1st. Scotiabank reduced their target price on American Tower from $243.00 to $223.00 and set a “sector outperform” rating on the stock in a report on Wednesday, May 1st. Barclays lowered their target price on American Tower from $234.00 to $223.00 and set an “overweight” rating for the company in a research note on Thursday, May 30th. Finally, Morgan Stanley upped their price target on American Tower from $183.00 to $196.00 and gave the stock an “equal weight” rating in a research note on Monday, April 15th. Three research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $220.91.

Insider Buying and Selling

In other news, EVP Sanjay Goel sold 3,504 shares of the firm’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $200.36, for a total transaction of $702,061.44. Following the sale, the executive vice president now owns 28,413 shares of the company’s stock, valued at approximately $5,692,828.68. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, EVP Sanjay Goel sold 3,504 shares of the stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $200.36, for a total transaction of $702,061.44. Following the transaction, the executive vice president now directly owns 28,413 shares of the company’s stock, valued at approximately $5,692,828.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Robert D. Hormats sold 700 shares of American Tower stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $183.50, for a total value of $128,450.00. Following the completion of the sale, the director now directly owns 7,332 shares of the company’s stock, valued at approximately $1,345,422. The disclosure for this sale can be found here. 0.18% of the stock is owned by corporate insiders.

American Tower Company Profile

American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.